The Indian Premier League (IPL) is witnessing an unprecedented surge in global financial interest as American billionaire David Blitzer enters the race for a majority stake in two of the league’s most prominent franchises. According to sources familiar with the matter, Blitzer is currently engaged in talks that have sparked a massive bidding war involving Manchester United co-chairman Avram Glazer and several prominent Indian tycoons.
Strategic Interest from Global Sports Moguls
David Blitzer, the co-founder of Harris Blitzer Sports & Entertainment and a senior executive at Blackstone Group, is reportedly conducting due diligence on the Royal Challengers Bengaluru (RCB) and the Rajasthan Royals. Blitzer’s existing sports portfolio is already extensive, featuring stakes in the Philadelphia 76ers (NBA) and the New Jersey Devils (NHL).
He is not alone in his pursuit. Avram Glazer, who co-owns Manchester United and the Tampa Bay Buccaneers (NFL), has also submitted initial bids for both franchises. Both Americans are currently in discussions with debt providers and various investors to form consortiums capable of securing majority control.
Record Breaking Valuations
The valuation of IPL teams has reached historic highs, reflecting the league’s status as a global sporting powerhouse. Investment bank Houlihan Lokey recently valued the Twenty20 league at approximately $18.5 billion. Specific details regarding the current negotiations include:
Royal Challengers Bengaluru: The 2025 IPL champions are currently valued at around $1.8 billion.
Revenue Growth: RCB reported a 73% revenue increase over the last three years, reaching $56 million for the 2024-25 period.
Rajasthan Royals: This franchise recorded a staggering 136% jump in revenue over the same three-year window.
The Sellers and the Process
The potential sale of RCB comes after Diageo, the UK-based drinks giant, launched a strategic review of its 100% holding in the team, designating the franchise as “non-core” to its primary alcohol business. Meanwhile, Rajasthan Royals remains majority-owned by London-based venture capitalist Manoj Badale.
The bidding process is being managed by top-tier financial institutions:
Citigroup: Managing the sale process for Royal Challengers Bengaluru.
Raine Group: Advising the Rajasthan Royals on their negotiations.
BOLT Ventures: Blitzer’s family office has reportedly progressed to the second round of negotiations for both teams.
Competition from Indian Tycoons
The international bidders face stiff competition from domestic billionaires. Adar Poonawalla, CEO of the Serum Institute of India, has publicly committed to making a “strong and competitive bid” for the Bengaluru franchise. Additionally, Ranjan Pai, chairman of the Manipal Education and Medical Group, is also reportedly eyeing a significant stake in RCB.
Next Steps and Regulatory Oversight
The deadline for final bids is set for mid-March, just weeks before the 2026 IPL season commences on March 26. This upcoming season is scheduled to feature 84 matches played over a two-month period. Any finalized deal will be subject to the strict approval of the Board of Control for Cricket in India (BCCI), the wealthiest cricket governing body in the world.
